Monday, May 21, 2007

Going for a Song

I see that British music company EMI agreed to a $4.73 billion cash takeover from private equity group Terra Firma today. I wonder if there will be a counterbid. EMI is my classic example of the music industry which totally does NOT get social media and the way things are going. They should have been worth 9 billion big-ones, but truly hopeless management made a real mess of it all. Today the EMI group released its final results, showing pretax profit down more than 60 percent!